Venture capital firm Matrix Partners India has invested an undisclosed amount in the technology-enabled logistics startup Loadshare Networks, that offers a comprehensive express and logistics services across the country.
Apart from the metros, the startup also caters to cities in the North East, Karnataka, Kerala, UP and Rajasthan.
The funds raised will help the Bangalore-based startup to expand its team and build a technology platform for logistics SMEs who are increasingly adopting technology to improve existing business operations, transact with new customers and expand their network reach.
The three co-founders of Loadshare have management and sector experience across geographies. Raghuram Talluri, co-founder and CEO, Loadshare, started his career in technology, was then an Associate Partner at McKinsey & Co. following which he led the Customer Experience function at Myntra. Tanmoy Karmakar and Rakib Ahmed, his co-founders, have both built startups and worked in the logistics domain before starting Loadshare.
“We see a big upcoming change in the logistics sector over the coming decade and at the heart of this change is the logistics SME,” said Raghuram Talluri, co-founder & CEO at Loadshare.
“Loadshare’s approach to stitch together a network of small courier companies across India by providing them technology is differentiated. The company is off to a fast start,” said Vikram Vaidyanathan, Managing Director, Matrix India.
Matrix Partners India, that has Rs 4,500 crore under management, invests in companies targeting the Indian consumer market at the seed, early and early growth stages. The firm has invested in several market leading companies in the consumer technology space including Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Dailyhunt (mobile local language platform), Mswipe (mobile POS), Limeroad (mobile social commerce marketplace), among others.
Startups continue to evince investor interest even if some businesses in the sector are facing uncertainty. So far in 2017, venture capitalists invested $399 million in the startup ecosystem in India, a 17 per cent increase from the corresponding period last year, as per data available with research firm Venture Intelligence. In terms of numbers, however, the volume fell in 2017 which so far saw 117 startup investments . Last year during the January-May period 2017, as many as 164 deals were sealed.